Net profit surged 98.28%, AI implemented, smart factory put into operation: the value transition of different groups (06090) has just begun

In the first half of 2026, the domestic high-end household consumer market was steadily iterating, with consumer demand shifting from a single product to a full-scenario, high-quality, and intelligent comprehensive experience.

In the context of this industry, various leading groups in Hong Kong stock high-end household AI technology (06090) handed over a mid-term questionnaire that exceeded expectations — in the first half of the year, the company achieved revenue of 810 million yuan, an increase of 11.67%; gross profit of 406 million yuan, an increase of 13.37%; and net profit of 96.179 million yuan, a year-on-year increase of 98.28%, nearly doubling.

However, it is worth noting that behind the financial data where profits of different groups have almost doubled, what is really worth asking is: How did this company achieve a profit increase of 11.67% when revenue increased by 11.67%? Where is the increase in gold content? How much room for imagination in the future?

The answer is not in the explosion of a single category, but in two larger narratives: the brand ecosystem and the deep management of “family CFO” user assets, and the comprehensive advance of AI strategies from planning to implementation.

The profit structure continues to be optimized to achieve high-quality growth

Judging from financial reports, in the first half of the year, different groups clearly showed strong operational resilience and ability to transition profits — while maintaining steady double-digit revenue growth, the profit side also nearly doubled, completely breaking out of the “revenue increase without profit increase” dilemma common in the industry, and entering a high-quality growth channel that resonates in both directions with scale expansion and profit quality improvement.

Of course, the company's profit surpassed expectations this time. It was not a short-term accidental dividend, but rather the result of the dual logical resonance of endogenous product upgrades and exogenous cost optimization.

First, product structure optimization has led to an increase in gross margin. During the period, the company continued to iterate the product matrix, and the revenue share of high value-added products increased steadily, directly driving the gross margin to 50.1% from 49.4% in the same period last year, and continued optimization of profit efficiency. This change sends a fundamental signal: when the product itself is creating higher profit efficiency, the significant increase in profit growth is due to a double improvement in revenue structure and profit quality.

Second, phased cost reductions unleashed profit flexibility. Expenses related to listing, share payments, and interest on redeemable preferred shares were drastically reduced year-on-year, compounded by an increase in government subsidies and interest income, further providing a positive contribution to the profit side.

On the one hand, gross margin continued to improve due to product structure optimization, and on the other hand, profit elasticity released by the decline in cost-side pressure. Together, the two made it inevitable that profits would be released centrally in the first half of the year. But the most essential driving force behind this round of growth has never been a cyclical reduction in costs, but rather a systematic upgrade of the profit structure — that is, the doubling of profits, which is just the first footnote for different groups to shift from “scale expansion” to “value creation.”

The brand ecosystem has penetrated throughout the entire region, and the compound benefit effect is being realized

As we all know, the long-term barriers to any enterprise have never been a single popular product, but brand trust and user assets that can be transferred and reused.

Based on this consensus, different groups have established a two-wheel drive strategy of “dual-track collaboration between product service upgrade and innovative business development,” while anchoring family CFO core consumer decision makers to create a full life cycle household consumption solution based on the four major family life scenarios of travel, sleep, feeding, and nursing.

Data is the best litmus test. As brand trust continues to migrate across categories, different groups are also completely breaking the single-category growth ceiling, achieving multi-scenario business collaboration, and jointly driving the steady expansion of revenue scale.

In the first half of 2026, according to the product scenario, the company's infant care scenario revenue was 346 million yuan, accounting for 42.7% of total revenue, ranking first in the category; revenue from the feeding scenario was 111 million yuan, a year-on-year increase of 78.9%, accounting for 13.7% of total revenue. The new baby bottle series became a best-selling item; revenue from the travel scene was 271 million yuan, up 5.2% year on year, accounting for 33.5% of total revenue; sleep scene revenue was 81.7 million yuan, accounting for 10.1% of total revenue.

At the same time, the shift in brand trust eventually settled into highly sticky user assets, forming sustainable compound interest value for different groups. According to the Zheshang Securities Research Report, as of the first half of 2025, the company's private domain repurchase rate reached 53.3%, the revenue contribution of old customers increased from 18% in 2022 to 38%, the 3 million membership system has built a solid brand moat, and the continuous implementation of private domain transformation directly supports the foresight and effectiveness of the Bebebus strategy. Meanwhile, the rapid expansion of revenue in the feeding and nursing categories in the first half of 2026 further confirmed the growth potential of existing users to repurchase across categories.

Furthermore, the continuous improvement of the channel layout further consolidates the basic market of users in different groups and accelerates the implementation of brand value. In the first half of the year, online channel revenue was 584 million yuan, accounting for 72.1%, and remained the main growth force; offline channel revenue was 227 million yuan, accounting for a steady increase from 26.8% to 27.9%, and capacity was steadily expanded. The increase in offline share is due to the large-scale expansion of dealers and third-party stores such as KA, which combines the closed loop of online global drainage and offline scene experience, effectively broadening the coverage boundaries of high-end home customer groups, and the brand has reached more potential users.

From the above, it is easy to see that the underlying logic of the high performance growth of different groups in this round is not linear growth driven by a single explosion, but rather the redemption of compound benefits brought about by global penetration of the brand ecosystem and deep deposition of user assets — as brand trust flows between scenarios and user assets increase in value during repurchases, while the company's revenue continues to expand, profits will also be released at an accelerated pace in structural optimization to achieve quantitative gains.

Research and development is accumulating energy to build strong barriers, and AI strategies open up incremental ceilings

If brands and users are the driving force for the current growth of different groups, then the continuous increase in R&D innovation and intelligent AI layout is the core engine for the future growth of enterprises.

During the reporting period, different groups adhered to the pre-technical layout, continued to increase investment in R&D resources, built a complete independent R&D system, and provided hard core support for product upgrades and innovation iterations. In the first half of 2026, the company's R&D expenditure reached 25.5 million yuan, accounting for 3.1% of total revenue; by the end of June, the company had a total of 243 domestically registered patents and 22 internationally registered patents, and technology research and development results continued to be implemented and transformed, further consolidating the technology moat.

On the basis of solid research and development, the AI intelligent strategies of different groups have fully entered the implementation period.

In the second half of 2026, the company will comprehensively promote the intelligent AI upgrade of the four core categories of strollers, child safety seats, cribs, and baby chairs, and complete the intelligent iteration of traditional popular products. At the same time, the company broke through the original user circle, extended the service audience from the core customer base of 0-3 to the 3-12 age group and the whole family, and continued to expand high-end family life scenarios.

In addition, the company continues to enrich its new physical AI product matrix, and has successively launched new intelligent categories such as smart hair dryers, children's electric toothbrushes, smart mattresses, and smart suitcases, successfully breaking out of the traditional product circuit, fully entering the field of high-end household AI lifestyle consumption, and opening up a new growth ceiling.

Meanwhile, in order to match the pace of iteration of new AI products and global market expansion needs, different groups have also continued to improve the intelligent manufacturing layout to achieve a closed loop throughout R&D, mass production, and delivery. On the production capacity side, the Ningbo Fenghua Intelligent Manufacturing Plant will be put into operation in the second half of 2026 to fully build a digital and intelligent demonstration factory to provide a production capacity guarantee for large-scale deployment of AI products.

As can be seen, the AI layout of different groups does not seek demand from scratch, but is a natural extension based on existing brands, category systems, and household consumption scenarios. This evolutionary path of “existing users+incremental scenarios” allows the implementation of AI strategies to have higher certainty and greater monetization capabilities.

If deepening product cultivation is a “practice of internal skills,” then a series of AI-oriented strategic cooperation is an act of “expanding borders” between different groups.

In June 2026, different groups signed a strategic cooperation framework agreement with Cao Cao Chuxing to forwardly develop a Robotaxi cockpit integrated seat solution; in July, they joined forces with Shangwei New Materials to lay out robot development and high-end intelligent manufacturing. In the second half of the year, new products such as smart mattresses and smart suitcases will be launched one after another to expand the home intelligence matrix.

Judging from the various layouts described above, different groups are based on self-developed technology, using AI intelligence as leverage, and superimposing the power of intelligent manufacturing and strategic cooperation to accelerate the breaking of traditional category growth boundaries, fully opening up the incremental ceiling of high-end household AI consumption, and steadily achieving a strategic transition from single product manufacturers to full-scenario AI ecosystem service providers.

epilogue

Looking at the 2026 mid-year report, the net profit growth of different groups has nearly doubled, which is an all-round implementation of the quality of business, brand value, and operational capability.

In the short term, the high-quality product matrix and global user assets guarantee the certainty and stability of performance growth; increasing the share of high-margin products and optimizing the cost structure make profit release sustainable. In the medium to long term, continuous increase in R&D investment, fully implemented AI intelligent strategies, and newly put into operation smart factories have created long-term barriers that cannot be replicated by enterprises.

From the upgrading of the core category of AI, to the expansion of the new physical AI product matrix, to full-scene coverage of high-end homes, different groups are drawing a growth curve from durable household goods to global intelligent life using the integrated capabilities of “brand+technology+production capacity”. As profit quality continues to be verified by the market and the value of technology cost reduction is gradually revealed, the company is expected to usher in the double resonance of performance growth and valuation repair, and continue to lead the new intelligent consumption circuit for high-end households.